Kredinor and Modhi have formally merged

“Finally, two robust collection companies have become one and we will use our size to ensure the best interests of our customers. Our history, which dates back to 1876, is a strong foundation for building our future together. Kredinor and Modhi’s cultural backgrounds have many common denominators, and for that reason, both our principals and customers will view us in the same way as our original companies. We will deliver better solutions together than we were able to separately,” says CEO Klaus-Anders Nysteen at Kredinor (Photo: Robert Eik).

On 15 March 2022, Sparebank 1-owned Modhi Finance AS and Kredinor SA announced a letter of intent to merge, with the ambition of becoming a leading company in debt collection and debt management. On 1 May, Kredinor was reorganised from a cooperative owned by its members to a limited liability company owned by the newly formed Kredinor Foundation. Modhi Finance AS was wholly owned by the Sparebank 1 Group. After the merger on 1 October 2022, the Sparebank 1 Group and Kredinor Foundation became equal owners of Kredinor AS.

“Kredinor is committed to helping people who are experiencing challenging financial situations. Through this merger we can use even more resources to follow up businesses and individual customers, with the aid of new technology and excellent customer service. Kredinor will take a stronger and more responsible position in Norwegian and Nordic business communities in the years ahead,” says Klaus-Anders Nysteen.


After this merger, Kredinor will be Norway’s largest and oldest debt collection company, with roots dating back to 1876. The debt collection industry is undergoing change, including our framework conditions. For instance, a new debt collection law is now being prepared.

“We want to take a leading role in the development of the industry. Kredinor should have the simplest and most customer-friendly solutions. We will also strengthen our analytical environment to better facilitate those with financial challenges and enable them to pay their bills. We will help customers solve their problems, without placing any additional burdens on them,” says Nysteen.


About Kredinor
Kredinor AS is Norway’s largest debt collection company in terms of number of cases, and a leading player in the purchase and management of debt portfolios.
The company has offices in Norway, Sweden and Finland, with 600 employees and a total annual turnover of nearly NOK 1.6 billion. Kredinor’s history dates back to 1876 and it has recently merged with the Modhi group. The company will have a broad service portfolio, and will take a clearer position of social responsibility as a company that assists people with financial difficulties. Instead of placing additional burdens on our customers, we will be a company that everyone can turn to for help rather than simply resolving each debt collection case. We aim to live up to this promise through our customer follow-up as well as our digital and sustainable initiatives, which will benefit both individuals and society.

Kredinor AS is owned by Sparebank 1 and the Kredinor Foundation.